In response to the U.S. Supreme Court’s June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in which marriage is a factor, such as filing status, dependent exemptions and child credits, and gift and estate tax breaks. Significantly, the Supreme Court […]
Owners of leasehold, restaurant and retail properties must act soon to enjoy extended depreciation-related breaks
In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying leasehold improvements made in 2013. Section 179 expensing. Congress revived through 2013 the election to deduct under Sec. 179 (rather than depreciate over a number […]
You can still use ESA funds to pay elementary and secondary school costs
It is back to school time in Atlanta, GA and as the kids head back to school, it’s a good time to think about Coverdell Education Savings Accounts (ESAs). One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA distributions aren’t limited to college expenses; they […]
Renting out your vacation home brings tax complications, Atlanta GA
If you rent out your vacation home for 15 days or more, you must report the income. But exactly what expenses you can deduct depends on whether the home is classified as a rental property for tax purposes, based on the amount of personal vs. rental use. Adjusting your personal use — or the number […]